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Below is Gold Article by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd

                                                 Gold rebounds; Crude bounces back.

GOLD

Gold rebounded from a three-month low as the dollar and bond yields dropped after mixed US economic data. The Federal Reserve's hawkish pause on interest rates provided relief.

The dollar index fell to a one-month low, and 10-year Treasury yields slipped, boosting demand for gold. While initial jobless claims remained unchanged and industrial output dropped, missing expectations.

After Fed's decision to keep rates unchanged, the markets now see 2-in-3 odds of the Fed hiking rates in July

Gold's performance has been volatile, but it has shown resilience amid economic uncertainty and changing monetary policies. Investors will closely monitor data and Fed decisions, impacting gold prices going forward.

Outlook: The US Fed maintained interest rates, although they are still at their highest levels, thus restricting the rise in gold.

CRUDE OIL 

Crude oil prices surged on optimism over increased energy demand from China, the top crude importer. China's oil refinery output in May rose by 15.4%, hitting its second-highest level on record.

However, a weak economic outlook, missed forecasts for China's industrial output and retail sales growth, and concerns about interest rates weighed on market sentiment.

The European Central Bank raised rates as expected and signaled further tightening to combat inflation.

In the US, unexpected retail sales growth and higher jobless claims weakened the dollar, potentially boosting oil demand.

Outlook: We expect crude to trade higher towards 5790 levels, a break of which could prompt the price to move higher to 5890 levels.

BASE METALS

Base metals, including copper, rallied to a five-week highs, as the weaker dollar and hopes of Chinese economic support after disappointing data boosted prices.

Expectations of upcoming stimulus measures in China provided support. However, China's May industrial output and retail sales fell short of forecasts.

The decline in the dollar made metals more attractive to buyers holding other currencies. Copper prices also gained support from reduced stocks in LME-registered warehouses.

Overall, the base metals segment showed strength driven by a lower dollar, Chinese economic prospects, and supply concerns.

Outlook: We expect copper to trade higher towards 736 levels, a break of which could prompt the price to move higher to 738 levels.

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